* Last month Estonia's Finance Minister, Jürgen Ligi, spoke at an London School of Economics seminar on the subject of 'Why Paul Krugman is wrong: lessons of Estonia for other European countries".
* The title may sound baffling but the subject is at the heart of the debate about how to revive growth in the Western world.
* Paul Krugman is a Nobel laureate in economics and writes a column for the New York Times. Professor Krugman is arguably America's most influential Keynesian economist, someone who sees spending cuts and tax rises as exactly the wrong prescription for Europe's or America's economic woes.
* In June Professor Krugman took issue with those who saw deep cuts in public spending in Estonia and the subsequent rebound in growth as a model of successful austerity. He tweeted, "So, a terrible — Depression-level — slump, followed by a significant but still incomplete recovery. Better than no recovery at all, obviously — but this is what passes for economic triumph?".
